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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInBalwani’s Atty Tells Jury Romance With Holmes Not A Crime – Law360
Former Theranos executive Ramesh “Sunny” Balwani’s attorney told a California federal jury during closing arguments in his criminal fraud trial Wednesday that Balwani’s romantic relationship with ex-CEO Elizabeth Holmes doesn’t prove he committed a crime, noting their text messages never say, “Let’s do crime, let’s cheat people, let’s deceive people.” Source: Balwani’s Atty Tells Jury […]
Sunny Balwani slammed as Theranos accomplice in trial
In a lengthy closing argument, federal prosecutors reiterated their case that Balwani was an active participant, alongside Holmes, in a scheme to defraud investors and patients of the doomed medical technology startup. “Mr. Balwani is not a victim, he is the perpetrator of the fraud,” prosecutor Jeffrey Schenk told jurors during the proceedings. Source: Sunny […]
Elizabeth Holmes Won’t Testify in Ex-Boyfriend, Theranos COO’s Trial
Since Balwani’s trial began, legal experts and curious onlookers alike have wondered whether Holmes might testify against Balwani in exchange for some leniency in her sentencing, although it’s not known whether she was offered that opportunity. They got their answer today, when the prosecution confirmed in an evidentiary hearing that Holmes would not in fact […]
Elizabeth Holmes has pleaded with a judge to overturn her Theranos convictions, citing “insufficient evidence” | Business Insider
In a 24-page filing, lawyers for the Theranos founder targeted her conviction of wire fraud, arguing the evidence provided did not amount to a guilty verdict. “Because no rational juror could have found the elements of wire fraud and conspiracy to commit wire fraud beyond a reasonable doubt on this record, the Court should grant […]
Jury in Elizabeth Holmes Trial Seized on Two ‘Smoking Guns’ to Convict Theranos Founder, Juror Says – WSJ
For some, the damning evidence—and what Ms. Stefanek called the first smoking gun—was a report Theranos gave investors that Ms. Holmes altered to make it look like it was an endorsement from Pfizer Inc. For Ms. Stefanek, the second was a document of financial projections given to prospective investors, the juror said, including prosecution witness […]
Theranos: The Limits of the “Fake It Till You Make It” Strategy | Morrison & Foerster
The trial, which lasted for 14 weeks, called into question more than just Holmes’ questionable business practices and investment solicitation; it was arguably a referendum on “fake it till you make it” practices, such as intentionally overstating, and thereby misrepresenting, a fledgling company’s current capabilities, success, or profitability, while banking on the notion that its […]
Theranos Founder Elizabeth Holmes Found Guilty of Four Counts of Fraud – The New York Times
Elizabeth Holmes, the founder of the failed blood testing start-up Theranos, was found guilty of four of 11 charges of fraud on Monday, in a case that came to symbolize the pitfalls of Silicon Valley’s culture of hustle, hype and greed. Source: Theranos Founder Elizabeth Holmes Found Guilty of Four Counts of Fraud – The […]
Elizabeth Holmes ‘chose fraud over business failure,’ prosecutors argue as verdict looms
The Feds made their final push to put Elizabeth Holmes behind bars on Thursday, telling jurors that the “criminal” founder of Theranos was guilty of perpetrating a massive fraud. “She chose fraud over business failure,” federal prosecutor Jeff Schenk told the jury. “She chose to be dishonest. This choice was not only callous; it was criminal.” […]
The Elizabeth Holmes Trial: Founder Recounts ‘Big Idea’ That Led to Creation of Theranos – WSJ
Elizabeth Holmes took jurors into the Theranos Inc. lab Monday during testimony at her criminal-fraud trial, describing ways the startup sought to reduce errors in lab testing and miniaturize traditionally bulky blood-testing machines. “We thought this was a really big idea,” Ms. Holmes said of Theranos’s attempts to remove human error from steps involved in […]
Jury Selection Begins in Theranos Founder Elizabeth Holmes’s Trial – WSJ
Theranos Inc. founder Elizabeth Holmes heads to court Tuesday, as her legal team seeks to help assemble a group of impartial jurors to weigh the criminal-fraud charges filed against her, a task her lawyers say is challenging, given her case’s notoriety. Ms. Holmes’s legal team and prosecutors with the U.S. attorney’s office for the Northern […]